Blue Economy
NIMASA Targets ₦724bn Revenue as 60 Indigenous Shipowners Queue for CVFF Funding
NIMASA Targets ₦724bn Revenue as 60 Indigenous Shipowners Queue for CVFF Funding
Reps demand accountability, warn agencies on performance shortfalls
By Emetena Ikuku
Waterways News Correspondent, Lagos
Sixty indigenous shipowners have filed applications to access the Cabotage Vessel Financing Fund (CVFF), as the Nigerian Maritime Administration and Safety Agency (NIMASA) unveiled an ambitious ₦724 billion revenue target for its 2026 budget cycle — a projection lawmakers have vowed to hold the agency to with firm accountability measures.
The applications were submitted via the CVFF Application Portal launched in January by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, as part of the Federal Government’s ongoing push to deepen indigenous participation in Nigeria’s maritime industry.
The figures emerged during a budget defence session before the House of Representatives Committee on Maritime Safety, Education, and Administration, where lawmakers made clear that tolerance for opacity and underperformance had run out.
Reps Draw Line on Accountability
Committee Chairman Khadija Abba-Ibrahim set a firm tone from the outset, stating that agency heads must take direct, personal responsibility for their plans, projections and outcomes. She described the session as far more than routine oversight — characterising it as a critical test of accountability for lawmakers engaging the maritime sector’s principal regulatory agencies for the first time this legislative cycle.
While acknowledging NIMASA’s strategic role in securing Nigeria’s territorial waters and facilitating maritime trade, Abba-Ibrahim stressed that commendations must be backed by verifiable evidence. She urged the agency to use the forum to present a clear 2026 roadmap and address persistent concerns around maritime insecurity, capacity development and operational efficiency.
The committee demanded data-driven submissions on maritime safety programmes, human capital development, revenue optimisation strategies, and the status of capital projects — both ongoing and proposed. Legislators declared the maritime sector a cornerstone of Nigeria’s economic architecture and insisted that every naira allocated must yield tangible results through improved security, stronger indigenous shipping capacity, and sustainable economic growth.
NIMASA DG Defends Automation Drive, CVFF Reforms
In response, NIMASA Director-General Dayo Mobereola told the committee that the agency had commenced full automation of its operations and revenue collection systems in 2025, following Federal Executive Council approval. The initiative, he said, was designed to close revenue leakages and ensure transparent remittance to government coffers.
On the CVFF, Mobereola said the fund had been restructured under a stricter, bank-driven disbursement framework to address the legacy of past mismanagement. Under the new model, financial institutions bear responsibility for risk assessment and repayment guarantees before funds are released to beneficiaries.
He expressed confidence that the reforms would accelerate funding access for local shipowners and give fresh impetus to indigenous vessel acquisition and maritime operations.
Nigeria Watch: What This Means for the Sector
For Nigeria’s cabotage economy, the CVFF remains arguably the most consequential — and most contested — financing instrument in the sector. The fund, drawn from levies on foreign vessels operating in Nigerian coastal trade, has existed for over two decades but disbursed little to the indigenous operators it was designed to empower.
The new bank-intermediated framework represents a departure from previous disbursement models and, if implemented as described, could reduce political interference in the allocation process. However, the fact that 60 applications have emerged within weeks of the portal’s launch points to the depth of pent-up demand among local shipowners — and raises questions about how the agency will manage selection, ensure equitable access, and prevent the fund from once again becoming a source of controversy.
Lawmakers also raised procedural concerns, questioning why the 2026 budget was being defended without a comprehensive review of NIMASA’s 2025 performance — a gap that could complicate any assessment of whether the agency’s ₦724 billion revenue projection is realistic or aspirational.
The committee reaffirmed its willingness to support reforms but warned that future budget approvals would hinge on transparency, measurable outcomes, and demonstrated impact on ground.
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